The blockchain keeps everyone honest, and a whole layer of banking bureaucracy is removed, lowering costs.
Cryptocurrencies and Cryptography: From Milton Friedman to William Shatner
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Bitcoin gives us, for the first time, a way to transfer a unique piece of digital property, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to ove
It was the amateurs of cryptology who created the species. The professionals, who almost certainly surpassed them in cryptanalytic expertise, concentrated on down-to-earth problems of the systems that were then in use but are now outdated. The amateurs, unfettered to those realities, soared into the empyrean of theory.
The governments of the world have spent trillions of dollars bailing out a decaying, dickensian, outmoded system called banking, when the solution to the future of finance is peer-to-peer. It’s going to be alternative currencies like Bitcoin and it’s not actually going to be a banking system as we had before 2008.